The Market News Today: Stock Futures Surge, Gold Soars as Fed Holds Rates

US Stocks, Gold Higher on Fed Rate Decisions

US Stock futures are higher during Thursday’s pre-market session following a record-setting day on Wall Street after the Fed maintained its benchmark rate and signaled future rate cuts. Semiconductor giant Micron Technology soared over 16% on strong earnings, while discount retailer Five Below dipped 12% due to disappointing results. The Dow and Nasdaq climbed more than 1%, with the S&P 500 up 0.9%, as investors reacted positively to the Fed’s rate cut signals. Meanwhile, gold prices reached a new high, with projections of further increases amid central bank purchases. (CNBC)

RSE Ventures Analyst Contradicts Fed’s Outlook, Suggests Zero Rate Cuts Possible in 2024

Matt Higgins of RSE Ventures challenged the Federal Reserve’s forecast of three rate cuts in 2024, suggesting no cuts might occur. On CNBC’s “Street Signs Asia,” Higgins argued that if unemployment remains stable and core inflation doesn’t decline, the Fed might not proceed with the anticipated rate reductions. His perspective contrasts with the Fed’s recent signal of a steady rate followed by three cuts later this year. (CNBC)

Russell 2000 Set for a Stellar 50% Leap in 2024, Forecasts Fundstrat’s Tom Lee

Tom Lee of Fundstrat Global Advisors forecasts a 50% rise in the Russell 2000 for 2024, citing its relative value akin to 1999 levels—a prelude to a 12-year outperformance streak. Backed by the Fed’s dovish stance and increasing CEO confidence, Lee anticipates heightened M&A, IPO activities, and sector diversification to drive growth. With the index trading at appealing price-to-earnings ratios and a significant biotech presence, small caps could notably benefit from impending Fed rate cuts. (CNBC)

Traders Eagerly Await Key Earnings from Darden, FedEx, and Nike

Ahead of Thursday’s market bell, traders are set to closely watch earnings reports from Darden Restaurants, followed by FedEx and Nike after closing. Darden is expected to show a profit increase, with a forecast of $316 million and an earnings per share of $2.62. FedEx, facing a challenging period, anticipates a revenue of $22.02 billion and EPS of $3.50. Nike, with slowing revenue growth, expects earnings at $0.75 per share amid cautious market sentiment. (MarketWatch)

FCC Investigates Amazon, Others for Marketing Illegal Wireless Jammers

The Federal Communications Commission (FCC) is probing Amazon and other retailers for allegedly marketing and selling wireless signal jammers. FCC spokesperson Will Wiquist confirmed ongoing investigations into possible violations of rules against selling devices that disrupt legitimate signals, such as cellphones and GPS units. The details of other retailers involved remain unspecified. This investigation, first reported by NBC News, highlights the sale of these illegal devices on Amazon’s marketplace, which has yet to comment on the matter. (CNN)